CSP Happenings





2019 Litmus Test

Entering the fourth quarter of 2019, the financial services space is evolving faster than ever. Is your organization keeping up? Consider the following topics and have an honest conversation within your organization about the way you are working to evolve, improve, and stay relevant in an industry in flux. Those who can be agile and ride this wave of change will be rewarded with loyal customers and a brand reputation that is set up for success.

Actively Changing and Evolving

Is your organization regularly rolling out initiatives, working to improve, and functioning in a constant state of change? While it’s good to perfect certain processes, the reality is that if there isn’t some degree of “discomfort” within your organization, you likely aren’t making a great enough effort to evolve. Technology changes, the transition to universal banking and increased partnerships with FinTech and analytics providers are just a few ways the sector is changing as a whole, and these changes necessitate constant training. Make sure your organization is feeling the effects of change. If not, find a way you can improve, and start getting out of your comfort zone.

Embracing the Mobile Experience

By the end of 2019, your organization should be mobile-centric. This means that branch staff, online support and your overall strategy should be putting the mobile experience at the top of your list for customer experience initiatives. Banks and credit unions are seeing an increase in the number of touchpoints that occur through a mobile app, so if the rest of your staff isn’t keeping pace with your mobile presence, focus on training to have a mobile-first outlook within your entire organization.

Establishing Partnerships

In order to stay competitive and innovative, your financial institution should be actively seeking partnerships. Specifically, you should be focusing on FinTech and data analytics partnerships. FinTech partners can bring unique financial tools to your customers in exchange for access to your customer database, and in doing so, create value for your organization, resulting in your financial institution having innovation “baked in.”

Additionally, your organization should be largely focused on making data-driven decisions. Understanding net promoter scores, analyzing most and least profitable products/services and learning more about your digital engagement should all be top priorities. Bringing in an analytics team or consultant can help you identify your blind spots as an organization, get a plan in place to process and analyze data, and train your staff to utilize that data in an effective and meaningful way to drive revenue.

Focus on Customer Centricity

Your entire staff should have the customer journey (and multiple customer journeys) in mind during interactions. Additionally, your digital strategy should have a clear map of different customer paths. Simply put, customer centricity is a must going into 2020. If you feel your organization needs to improve in this facet, begin to produce detailed customer journey maps — identifying variances and different journeys for different products, services, sources of information and types of customers. By building a framework, you can begin to wrap your mind around the greater picture of the customer experience, and pick out ways to incrementally improve.




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